A recent case, United States v. JPMorgan Chase Bank, creates a very tight time frame for banks to react to a levy from the IRS and provides some insight on the process of the IRS collection efforts when it determines the collection of tax debt is in jeopardy.
The court determined that the bank did not move quickly enough to put a hold on the taxpayer’s account and held the bank liable when it allowed the taxpayer to withdraw funds shortly after the IRS served a levy upon the bank.
While the court may have been influenced by the fact that the levy was served upon a bank, the same speed, or a somewhat similar speed, may be required of any third party receiving a levy and subsequently paying over funds to the person identified in the levy. Read more ...Need Help With An IRS Levy?
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Read more at: Tax Times blog
